In March, sales of existing properties in the U.S. rose 1.1% on a seasonally adjusted annual rate, according to the National Association of Realtors (NAR). This increase would likely compel buyers to enlist the help of an inspection company for property verification.
If you’ve been thinking of investing in a home inspector franchise, it may be the best time do so while demand for houses remains strong.
Home sales in March comprised 5.60 million houses. While the figure is lower than the number of sales year over year, the NAR said the sales rate exceeded the total for 2017. Prices also increased on an annual basis. The median asking price in March amounted to $250,400, up 5.8% compared to the year-ago period.
This served as bad news for first-time buyers, yet many remained unfazed by the increase as evidenced by the uptick in demand. Homes also disappeared from the market faster in March, when deals were closed within 30 days compared to 34 days in the previous year.
One reason home inspections would be more in-demand indirectly stems from the shortage of homes. Buyers may not think twice about signing contracts quickly, but that doesn’t mean they would just take the seller’s word about the property’s condition.
An inspection allows them to see the overall state of a home’s physical structure, as well as know the condition of different systems, such as plumbing, electrical, insulation, and ventilation. The housing supply has declined for 34 months in a row, which is why you should expect to see more people being more careful about a potential purchase.
Home sellers aren’t the only ones who can benefit from an increasing number of property deals. Consider the advantages of investing in a franchised home inspection company, instead of establishing one from scratch.